Rick,

You recently posted here about financing and included a phrase to the effect that if that happened (Wainwright's involvement in financing was it?) 'I'd be out of here'.  Given your friend's assessment I really wonder why you're still here. 

Anyone investing in high risk venture  capital is driven by balancing fear over greed or stated more mildly; risk over reward.  Your friend did a great job of listing most factors that drive fear but very little, apart from a cursory end note, about reward.

POET worst moment was the disasterous financing, the early period of hyping 'up and to the right', 'soon' etc, and PR.  I honestly think we are through most of that nonsense.

One of the strengths of POET has been to attract high Value Board members,  which has cost yes, but their contribution can be seen in attracting Tier one customers and talented engineers and guidance to SV.  Your friends report makes POET management out to be money grabbers, not so in my mind. He denies there are any customers.

The Fab or Fabless issue can be debated but I go along with SVs experience in Global Foundries on this and the Silterra, Superphotonics solution he came up with.  We would not be here at all if the focus had been on the acquisition of a fab rather than R&D.

Capital is the life blood of any venture firm. POET has had to by necessity live in the dodgier sector of the capital arena in the past as a venture start up whereas now there are real quality disruptive POET products out there confirming the R&D phase success of PTI's development cycle.

Your post has value in reminding us all of what to fear, but given my greed motive and assement of the likelihood of reward soon, I remain a committed POET investor with far more evidence available for a successful outcome through, customers and given the last NR the actual production of POET  OI  to meet their needs.

I really can't understand your personal motive in publishing such a negatively biased assessment at this time given that so many risks have been mitigated.  Your friend assessment indicates that he may lack the greed drive that many here have and is understandably risk intolerant, which is fine. But my synical side wonders whether he's looking for a cheaper entry point with your help. I simply can't otherwise see why you feel this board needs a lesson in investment risk surely we're all past that

Conclusions. 

Investment requires analysis of the risks and rewards. 

Nothing is guaranteed. 

Only time will tell, for POET more time than most seem able to tolerate or accept.  

I'm happy that I invested early and my book looks good even at todays prices. Outperforming low risk conventional saving methods significantly.

The window of opportunity to benefits from low cost entry into POET investment is closing in my assessment.

Timing is everything.

sula